New Delhi: Cricket Australia and the Australian Cricketers' Association announced that they have agreed a new pay deal 'in principle' on Thursday, finally ending the dispute that threatened a tour of Bangladesh, India and this year's Ashes series.
In a updated revenue sharing model, players will get to share up to 30 per cent of agreed revenue, which is made up of 27.5 per cent of forecast revenue streams and a 2.5 per cent performance pool.
The whole deal is worth about $500 million over the next five years.
Australia skipper Steve Smith took to Twitter and in a series of Tweets thanked ACA for negotiating and expressed that he is looking forward to an exciting summer of cricket.
1/2 Great to get a deal done! It's been a long and challenging process and it's great that we can now get on with playing the game that we
— Steve Smith (@stevesmith49) August 3, 2017
2/3 all love. I'd like to thank the ACA for negotiating on behalf of the players and I'm excited that we can all start working together
— Steve Smith (@stevesmith49) August 3, 2017
3/3 again to continue to grow our great game. I look forward to Bangladesh, India and an exciting summer of Ashes cricket
— Steve Smith (@stevesmith49) August 3, 2017
Australia's leading 230 players have effectively been unemployed since the previous five-year agreement expired on 30 June.
"We've reached a good compromise, one we can both live with and one that will be good for the game and good for Australia's cricketers," Cricket Australia chief executive James Sutherland told a news conference at Melbourne Cricket Ground.
"In announcing this agreement we are restoring certainty, beginning to repair relationships, especially with the fans. We want the focus to be back on the cricket."
Australia start a two-Test series in Bangladesh on 27 August, while the Ashes get under way on 23 November.
